PipeLine deal could change the Canadian Oil Industry
A major acquisition took place in the Oil pipeline industry in Canada. Banister Pipelines was acquired by Quanta Services. This acquisition will expand Quanta’s Canadian Pipeline across Canada and will continue to provide service to Banister’s current customer base, but now with Quanta’s energy infrastructure resources.
Both sides are very pleased with the deal since both Quanta and Banister will benefit off one another.“We anticipate unprecedented levels of investment in pipeline and related infrastructure to occur in Canada over the next several years, driven by the development of the Canadian oil sands and unconventional shale formations. Banister’s operations significantly enhance our ability to provide pipeline infrastructure solutions to our customers,” said Jim O’Neil, president and chief executive officer of Quanta Services. Quanta respects Banister and their management structure and understand the great reputation that Banister has built over the years. Jim O’Neil also understands this collaboration of the two companies will boost both in their respective fields and can use this collaboration to continue the Canadian Pipeline system.
The deal closed at the end of business November 21, 2014. Quanta will now be run under the name ‘Banister Pipelines Constructors Corp.’ Together they are estimated to make $350 million in revenue in the year 2015.
More background information about the two before the merger, Quanta Services is a contracting company which specializes in infrastructure solutions in the power, oil and gas industries. Quanta has the ability to design, and construct projects which are local, national and even international. To read more on Quanta, visit their site at www.quantaservices.com.
As for Banister Pipeline Constructors, they are located in Nisku, Alberta. A company which is known for their safe and regard for natural resources as well as landowners properties. They are considered the best value for pipeline construction based on their management and operations. They have over the years became a leading mainline pipeline construction service in the Canadian oil and gas industry.
This deal should bring two leaders in their respective industry together and create a pipeline which supports all of Canada in a safe and efficient way.
For more on this acquisition, visit MarketWatch